Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures are recognized following the cost principles contained in Subpart E – Cost Principles of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. CPLC’s summary of significant accounting policies is presented in Note 1 in the basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: CPLC has elected to use a negotiated indirect cost rate for the year ended June 30, 2024.
The accompanying schedule of expenditures of federal awards and other governmental awards includes the federal grant activity of Chicanos Por La Causa, Inc. and Subsidiaries and Affiliates (CPLC), and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. CPLC received federal awards both directly from federal agencies and indirectly through pass-through entities. Federal financial assistance provided to a subrecipient is treated as an expenditure when it is pad to the subrecipient. Because the schedule presents only a selected portion of the operations of CPLC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of CPLC.
Title: Catalog of Federal Domestic Assistance Listing Numbers
Accounting Policies: Expenditures are recognized following the cost principles contained in Subpart E – Cost Principles of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. CPLC’s summary of significant accounting policies is presented in Note 1 in the basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: CPLC has elected to use a negotiated indirect cost rate for the year ended June 30, 2024.
The program titles and assistance listing numbers were obtained from the federal or pass-through grantor or the 2024 Catalog of Federal Domestic Assistance.
Title: Loan Programs
Accounting Policies: Expenditures are recognized following the cost principles contained in Subpart E – Cost Principles of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. CPLC’s summary of significant accounting policies is presented in Note 1 in the basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: CPLC has elected to use a negotiated indirect cost rate for the year ended June 30, 2024.
Expenditures reported in this schedule consist of the beginning of the year outstanding loan balance plus advances made on the loan during the year. The outstanding balance at June 30, 2024 for the Small Business Administration loans, Federal Assistance Listing #59.046, was $2,606,966.